As stated in the RBI Circular, the RBI with the objective of integrating the extant reporting structures of various types of foreign investment in India, will introduce the Single Master Form (“SMF”). The SMF would be filed online. SMF would provide a facility for reporting total foreign investment in an Indian entity {as defined in Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations 2017, dated November 7, 2017}, as also investment by persons resident outside India in an Investment Vehicle.

Prior to the implementation of the SMF, RBI will provide an interface to the Indian entities, to input the data on total foreign investment in a specified format.The interface will be available on the RBI website www.rbi.org.in <http://www.rbi.org.in> from June 28, 2018 to July 12, 2018. Indian entities not complying with this pre-requisite will not be able to receive foreign investment (including indirect foreign investment) and will be non-compliant with Foreign Exchange Management Act, 1999 and regulations made thereunder.

Please find a copy of the Entity Master form and SMF here and here respectively.

Please find a copy of the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations 2017 here.

The Ministry of Corporate Affairs (“MCA”) vide notification dated June 13, 2018 and a corrigendum issued thereto notified the commencement of the certain provisions relating to ‘beneficial interest in shares’ amended as per the Companies Amendment Act, 2017 (“AmendmentAct”). Further, the MCA has also issued the Companies (Significant Beneficial Owners) Rules, 2018 (“Rules”) in relation thereto.

Please note that persons who are significant beneficial owners in a company as on June 13, 2018 are required to file Form No. BEN-1 on or before September 11, 2018. Further, any person that acquires significant beneficial ownership in a company after the commencement of the Rules is also required to make a declaration to the Company in Form No. BEN-1 within 30 (thirty) days of acquiring such significant beneficial ownership.

A company is also required to maintain a register of interests received from significant beneficial owners in Form No. BEN-3 and is also required to file a return of declaration of interest received from significant beneficial owners within a period of 30 (thirty) days of receiving such declaration in Form No. BEN-2.

Further, a company can issue a notice to a significant beneficial owner in Form No. BEN-4, if the company knows or has a reason to believe that a person is or has been a significant beneficial owner of the company at any time during the three years immediately preceding the date of the notice.

Please find a copy of the notification here and the corrigendum issued in relation thereto here.

Please also find a copy of the Amendment Act here, and a copy of the Rules here.

KYC filing for Directors

The Ministry of Corporate Affairs (“MCA”) will be conducting a know your customer (KYC) of all directors of all companies through a new e-from DIR-3 KYC, which will be notified by the MCA shortly.

Accordingly, every director of a company who has been allotted a director identification number (DIN) on or before March 31, 2018, and whose DIN has been approved, would be required to file e-form DIR-3 KYC before August 31, 2018. Filing of DIR-3 KYC would be mandatory for disqualified directors of companies as well.

The form filing has not yet been notified by the MCA.

Information Technology, Telecommunication And Media

Telecom Regulatory Authority of India (“TRAI”) provides its responses to the comments/observations provided by DoT on TRAI’s recommendation on sale/rent of International Roaming SIM Cards/ Global roaming cards in India

TRAI has provided its responses to the comments/observations provided by DoT on TRAI’s recommendation on “sale/rent of International Roaming SIM Cards/ Global roaming cards in India”.

TRAI issuesrecommendations on “issues relating to Uplinking and Downlinking of Television Channels in India”

TRAI had earlier issued a consultation paper on “Issues relating to Uplinking and Downlinking of Television Channels in India” on 19th December 2017 (“ConsultationPaper”) and sought suggestions from stakeholders on the issues listed in a reference issued by the Ministry of Informationand Broadcasting in August 2017. Pursuant to the comments received on the Consultation Paper, TRAI has now issued recommendations in relation to the same. In order to ensure an orderly growth of the broadcasting sector, and in-turn provide impetus to socio-cultural and economic development, TRAI has provided its recommendations in relation to the following:

Issues relating to the satellite TV channels;

Issues relating to Teleports;

For further details on the press release, please click here. And for further details on the recommendations, please click here.

TRAI conducted Independent Drive Tests in Delhi License service area including Ghaziabad, Noida, Gurugram and Faridabad, for laying down the standard of quality of service to be provided by the service providers and ensuring enforcement. Tests were conducted from February 20, 2018 to March 16, 2018 covering a drive test route of 2300 kms and data tests were conducted on 23 hotspots, spread across service area.

For further details of the report, please click here, and the press release can be accessed here.